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A Guide to Landlord Insurance

If you own property it’s essential to protect it by getting a good landlord insurance policy. Landlord insurance is very highly tailored to the individual’s needs since no two landlords have the same portfolio. When insuring your buy to let property it’s extremely important that you understand where your biggest risks come from so you can get the right level of cover. It’s also extremely useful to know how you can reduce the cost of your insurance since it can soon add up, especially if you’re insuring a large amount of property. One this page you’ll find an explanation of the different types of cover you can get, what factors determine cost and how you can save money on landlord insurance.

Types of Cover

Building Insurance – This is typically the cornerstone of any landlord insurance policy. If you own buy to let property then you’re legally obligated to have building insurance in place. This will cover your buildings in the event of structural damage that might occurs from fire, flooding or extreme weather conditions.

Contents Insurance – If you let your property with a lot of contents and furnishings then contents insurance is always a good idea. Typically contents insurance will cover you for theft or accidental damage.

Unoccupied Property Insurance – If you own a large number of properties then there’s a good chance that they’ll be times when they’re unoccupied for longer periods of time, whether it’s because you cannot find tenants or you’re having the property renovated. In either cause you’ll need to get unoccupied property insurance for the property.

Public Liability – Liability claims are much more commonplace now than they were in the past so every landlord should strongly consider having this in their policy.

Determining Cost

There are a few key factors that will determine the price of a landlord insurance policy. These include –

Number of Properties – Of course the number of properties you want to insure on your policy is going to impact on the cost. Factors such as location and security will all be taken into account.

How Secure the properties are – This is a big factor in how cost is determined. If your properties have minimal security then the chances of them being broken into are much greater and as a result you will pay more for your insurance.

Level of Cover – The more options you have included in your policy, the greater the cost will be. It’s a goo idea to look at where the biggest risks come from and prioritize accordingly.

Saving Money

Pay Upfront – When you’re taking out a policy, insurance providers will prefer if you make as big a down payment as possible and in most cases will offer you a significant discount for doing this.

Secure Your Properties – You should always make the effort to make your properties as secure as possible. Installing CCTV, security lights and alarms can have a big impact on the cost of your insurance.

Shop Around – This is the most obvious way of ensuring that you don’t pay more than you should. Getting quotes for landlord insurance is now incredibly easy so there’s no excuse for not shopping around.

Get Quotes Now

Getting quotes is a very quick and easy process as well as a great way of saving money on landlord insurance. When you click the red button below you’ll be taken to the quote form. After filling in some information about yourself and your properties you’ll then have access to quotes from a panel of landlord insurance specialists.